Posts

Posted on

VICI Properties Inc. Expands Partnership With Cabot Through a Management Contract for VICI’s 4 Golf Courses

VICI Properties Inc. Expands Partnership With Cabot Through a Management Contract for VICI’s 4 Golf Courses

NEW YORK–(BUSINESS WIRE)–
VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”) announced today that the Company has entered into a management agreement with CDN Golf Management Inc. (“CDN”), an affiliate of Cabot, a developer, owner and operator of world-class destination golf resorts and communities, pursuant to which CDN will manage and operate VICI Properties’ four golf courses – Cascata, Rio Secco, Grand Bear and Chariot Run (collectively, the “Golf Courses”).

Pursuant to the management agreement, CDN has assumed all day-to-day operations of the Golf Courses and all of VICI Properties’ employees at the Golf Courses are employees of CDN. The Company continues to own the Golf Courses within its Taxable REIT Subsidiary (TRS). The management agreement has a term of 20 years with two five-year renewal options and became effective on October 1, 2022.

John Payne, President and Chief Operating Officer of VICI Properties, said, “We are thrilled to expand our relationship with Cabot through CDN’s management of our VICI-owned golf courses. We believe our golf employees, courses and clubs will benefit greatly from the leadership and vision of the CDN management team.”

Ben Cowan-Dewar, Co-Founder and Chief Executive Officer of Cabot, said, “CDN enables us to leverage the growing strength of our management team. We are very excited to work with VICI to nurture the cultural, strategic and operational opportunities that we see at Cascata, Rio Secco, Grand Bear and Chariot Run. We look forward to welcoming VICI’s golf employees into our organization.”

About VICI Properties

VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties’ national, geographically diverse portfolio consists of 43 gaming facilities comprising over 122 million square feet and features approximately 58,700 hotel rooms and more than 450 restaurants, bars, nightclubs and sportsbooks. Its properties are leased to industry leading gaming and hospitality operators, including Caesars Entertainment, Inc., Century Casinos, Inc., the Eastern Band of Cherokee Indians, Hard Rock International Inc., JACK Entertainment LLC, MGM Resorts International, Penn Entertainment, Inc., and The Venetian Las Vegas. VICI Properties also owns four championship golf courses and 34 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. For additional information, please visit www.viciproperties.com.

About Cabot and CDN

Cabot is the developer and operator of luxury residential, resort, and golf destinations. Its portfolio includes Cabot Cape Breton in Nova Scotia, Canada, Cabot Saint Lucia in the Caribbean, Cabot Revelstoke in British Columbia, Canada, Cabot Citrus Farms in Florida, USA, and Cabot Highlands in Inverness, Scotland. Cabot continues to build upon a legacy of excellence in golf, luxury residential offerings, and boutique resort lifestyle across each unique property, where owners and guests have exclusive access to destination-specific experiences and unparalleled quality of service.

CDN Management Inc., an affiliate of Cabot, is a U.S. based management company that leverages the talent, expertise and global network of Cabot to operate exceptional golf courses on behalf of course owners. For additional information, please visit www.thecabotcollection.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, including the risk that the pending transaction may not be consummated on the terms described in this press release or at all, which are, in some cases, beyond the Company’s control and could materially affect actual results, performance, or achievements. Other important risk factors that may affect the Company’s business, results of operations and financial position (including those stemming from the COVID-19 pandemic and changes in the economic conditions as a result thereof and risks relating to the Company’s pending transactions) are detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.

Investors:

[email protected]

(646) 949-4631

Or

David Kieske

EVP, Chief Financial Officer

[email protected]

Danny Valoy

Vice President, Acquisitions & Finance

[email protected]

KEYWORDS: Nevada New York United States North America

INDUSTRY KEYWORDS: Construction & Property Other Sports Sports REIT Golf Landscape Building Systems Other Construction & Property Residential Building & Real Estate

MEDIA:

Posted on

Lavoro Files Preliminary Proxy and Registration Statement on Form F-4 for Proposed Combination with TPB Acquisition Corporation I, The Production Board’s SPAC

Lavoro Files Preliminary Proxy and Registration Statement on Form F-4 for Proposed Combination with TPB Acquisition Corporation I, The Production Board’s SPAC

  • Lavoro, Brazil’s largest agricultural inputs retailer and a leading provider of agriculture biologics inputs, enables farmers to adopt breakthrough technology and boost productivity
  • Upon listing, Lavoro will become the first US-listed pure-play Latin American agricultural inputs retailer
  • Transaction aims to bring together The Production Board’s agriculture technology expertise and Lavoro’s portfolio of businesses and market penetration to help transform Latin America into a global breadbasket, improving global food security and sustainability

SAN FRANCISCO–(BUSINESS WIRE)–
TPB Acquisition Corporation I (“TPB Acquisition Corp.”) (Nasdaq: TPBA, TPBAW, TPBAU), a special purpose acquisition company sponsored by The Production Board (“TPB”), today announced that Lavoro Limited (“Lavoro”), a leading agricultural inputs retailer in Latin America, filed with the Securities and Exchange Commission a registration statement on Form F-4 containing a preliminary proxy statement and prospectus in connection with their proposed business combination.

TPB Acquisition Corp. and Lavoro announced on September 15, 2022 a definitive merger agreement that reflects an implied initial enterprise value of the combined company of approximately $1.2 billion. The transaction is expected to result in up to $225 million in net cash proceeds to Lavoro after closing (assuming no redemptions), including the contribution of up to $180 million from the cash held in the trust account of TPB Acquisition Corp. and $100 million that TPB intends to invest through a private placement at $10.00 per share; $30 million in secondary proceeds to investment funds managed by Patria Group, the controlling shareholder of Lavoro; and $25 million in expected transaction fees and expenses.

Following the proposed business combination, Lavoro expects to increase market share through retail expansion, continued operational improvements, and additional acquisitions. TPB plans to support the acceleration of Lavoro’s digital agronomy and service offerings as a strategic advisor and through leadership and partnership development. David Friedberg, founder and CEO of TPB, will join Lavoro’s board of directors upon the close of the proposed business combination.

The transaction is expected to close in the fourth quarter of 2022, subject to the satisfaction of customary closing conditions (including the approval of the shareholders of TPB Acquisition Corp.). Upon closing of the transaction, Lavoro will become the first US-listed pure-play Latin American agricultural inputs retailer, trading on the Nasdaq under the ticker symbol “LVRO”.

The Registration Statement on Form F-4 can be obtained without charge at the SEC’s website at https://www.sec.gov/Archives/edgar/data/1945711/000110465922104142/tm2225919-1_f4.htm. The joint presentation made by the management teams of Lavoro and TPB regarding the transaction is available on the websites of Lavoro at ir.lavoroagro.com and TPB Acquisition Corp. at www.tpbac.com, and can be watched at https://youtu.be/oRVNvOmPDEM.

About The Production Board

Founded by David Friedberg, The Production Board is a venture foundry and investment holding company established to solve the most fundamental problems that affect our planet by reimagining global systems of production across food, agriculture, biomanufacturing, human health, and the broader life sciences. TPB builds businesses based on emerging scientific discoveries, partners with exceptional talent, and provides them with the capital, infrastructure and market insights needed to deliver meaningful improvement in the cost, energy, time, or carbon footprint of conventional systems. TPB is backed by leading strategic and financial investors, including Alphabet, Allen & Company LLC, Cascade, Emerson Collective, and funds and accounts managed by BlackRock, Baillie Gifford, Koch Disruptive Technologies, Counterpoint Global (Morgan Stanley), Foxhaven Asset Management, and Arrowmark Partners. Learn more about our work at www.tpb.co.

About Lavoro

Lavoro is Brazil’s largest agricultural inputs retailer and a leading provider of agriculture biologics inputs. Through a complete portfolio, Lavoro empowers farmers to adopt breakthrough technology and boost productivity. Founded in 2017, Lavoro has a broad geographical presence, operating in Brazil, Colombia, and Uruguay. Lavoro’s 878 technical sales representatives meet with more than 53,000 customers on farms and at 193 retail locations multiple times per year to help them plan, purchase the right inputs, and manage their farming operations to optimize outcomes.

In addition to its retail footprint, Lavoro’s “Crop Care” business segment is a vertically-integrated producer of specialty fertilizers, crop protection products, and proprietary biological crop inputs, or “biologics.” Lavoro’s biologics portfolio, which includes microorganisms and biomolecules derived from microorganisms, protect plants from disease, pests, and weeds – without the carbon and lingering environmental persistence of traditional crop chemistry – and help farmers improve soil health and productivity with decreased use of synthetic chemical fertilizers.

Learn more about Lavoro at www.lavoroagro.com.br.

Additional Information and Where to Find It

The proposed business combination will be submitted to shareholders of TPB Acquisition Corp. for their consideration. Lavoro has filed the Registration Statement, which will includes a preliminary proxy statement to be distributed to TPB Acquisition Corp.’s shareholders in connection with TPB Acquisition Corp.’s solicitation for proxies for the vote by TPB Acquisition Corp.’s shareholders in connection with the proposed business combination and other matters as described in the Registration Statement, as well as the prospectus relating to the offer of the securities to be issued in connection with the completion of the proposed business combination. TPB Acquisition Corp.’s shareholders and other interested persons are advised to read the preliminary proxy statement / prospectus and any amendments thereto and, once available, the definitive proxy statement / prospectus, in connection with TPB Acquisition Corp.’s solicitation of proxies for its special meeting of shareholders to be held to approve, among other things, the proposed business combination, because these documents contain important information about TPB Acquisition Corp., Lavoro and the proposed business combination. Shareholders may also obtain a copy of the preliminary or definitive proxy statement, once available, as well as other documents filed with the SEC regarding the proposed business combination and other documents filed with the SEC by SPAC, without charge, at the SEC’s website located at www.sec.gov or by directing a written request to: TPB Acquisition Corporation I, 1 Letterman Drive, Suite A3-1, San Francisco, CA 94129.

INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Participants in Solicitation

TPB Acquisition Corp., Lavoro and their directors and executive officers may be deemed to be participants in the solicitation of proxies from TPB Acquisition Corp.’s shareholders in connection with the proposed transaction. A list of the names of the directors and executive officers of TPB Acquisition Corp. and Lavoro and information regarding their interests in the proposed business combination is set forth in the Registration Statement. You may obtain free copies of these documents as described in the preceding paragraph.

Forward-Looking Statements

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Certain statements made in this press release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Such “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “aims,” “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding matters expected to be voted on by TPB Acquisition Corp.’s shareholders in connection with the proposed business combination, background and summary terms of the proposed merger and details concerning Lavoro’s business and operations. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Lavoro and TPB Acquisition Corp.

These forward-looking statements are subject to a number of risks and uncertainties, including but not limited to, the inability of the parties to successfully or timely consummate the proposed business combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination or that shareholder approval will not be obtained; the risk that the transaction may not be completed by TPB Acquisition Corp.’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by TPB Acquisition Corp.; the failure to satisfy the conditions to the consummation of the proposed transaction, including the adoption of the proposed business combination Agreement by the shareholders of TPB Acquisition Corp.; the lack of a third party valuation in determining whether or not to pursue the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed business combination Agreement; the effect of the announcement or pendency of the proposed transaction on Lavoro’s business relationships, operating results, and business generally; risks that the proposed transaction disrupts current plans and operations of Lavoro and potential difficulties in employee retention as a result of the proposed transaction; the outcome of any legal proceedings that may be instituted against Lavoro, TPB Acquisition Corp. or the combined company related to the proposed business combination Agreement or the proposed transaction; the ability to maintain the listing of TPB Acquisition Corp.’s securities on a national securities exchange; the price of TPB Acquisition Corp.’s securities may be volatile due to a variety of factors, including changes in the competitive and regulated industries in which TPB Acquisition Corp. plans to operate or Lavoro operates, variations in operating performance across competitors, changes in laws and regulations affecting TPB Acquisition Corp.’s or Lavoro’s business; Lavoro’s inability to meet or exceed its financial projections and changes in the combined capital structure; changes in general economic conditions, including as a result of the COVID-19 pandemic; the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities; changes in domestic and foreign business, market, financial, political and legal conditions; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed business combination Agreement; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries and other risks and uncertainties indicated from time to time in the final prospectus of TPB Acquisition Corp. for its initial public offering and the proxy statement/prospectus filed by Lavoro relating to the proposed business combination or in the future, including those under “Risk Factors” therein, and in TPB Acquisition Corp.’s other filings with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither TPB Acquisition Corp. nor Lavoro presently know or that TPB Acquisition Corp. nor Lavoro currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

In addition, forward-looking statements reflect TPB Acquisition Corp.’s and Lavoro’s expectations, plans or forecasts of future events and views as of the date of this press release. TPB Acquisition Corp. and Lavoro anticipate that subsequent events and developments will cause TPB Acquisition Corp.’s or Lavoro’s assessments to change. However, while TPB Acquisition Corp. and the TPB Acquisition Corp. may elect to update these forward-looking statements at some point in the future, TPB Acquisition Corp. and Lavoro specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing TPB Acquisition Corp.’s or Lavoro’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

No Offer or Solicitation

This communication and/or other information does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This communication and/or other information relates to a potential financing through a private placement of common stock of a newly formed holding company to be issued in connection with the transaction. This communication shall not constitute a “solicitation” as defined in Section 14 of the Securities Exchange Act of 1934, as amended.

For TPB:

Rachel Konrad

[email protected], +1-650-924-5471

John Christiansen/Camilla Scassellati Sforzolini

[email protected]

For Lavoro:

Guilherme Nascimento

[email protected] +55 66 9 9911-3093

Fernanda Rosa

[email protected] +55 41 9 9911-2712

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Other Professional Services Professional Services Finance

MEDIA:

Posted on

IGI Names London Market Veteran Chris Jarvis as Chief Underwriting Officer

IGI Names London Market Veteran Chris Jarvis as Chief Underwriting Officer

HAMILTON, Bermuda–(BUSINESS WIRE)–
International General Insurance Holdings Ltd. (“IGI” or the “Company”) (NASDAQ: IGIC) today announced that it has appointed Christopher Jarvis to the role of Chief Underwriting Officer of the IGI Group, effective today.

Mr. Jarvis will work with IGI’s underwriting team leaders to optimise performance within their existing portfolios in order to support the Group in delivering on its growth and profitability targets. He will also be responsible for evaluating new business opportunities.

Based in the Company’s London office, Mr. Jarvis is a member of the IGI Executive team and reports to Mr. Waleed Jabsheh, President of IGI.

“Chris brings significant experience from his tenure at several Lloyd’s of London syndicates and London market companies,” said Mr. Jabsheh. “His successful track record of delivering portfolio growth is impressive, and his considerable experience in niche property and marine insurance classes will be invaluable as we continue our evolution as a global specialist commercial insurer and reinsurer.”

Mr. Jarvis, who has 30 years’ industry experience, joins from Canopius Managing Agency, where he was Joint Active Underwriter, Syndicate 4444 and 1861. He held joint responsibility for all aspects of the Lloyd’s underwriting platform, including regional underwriting operations in the US and across the Asia Pacific region. Prior to that, Mr. Jarvis held various underwriting positions at Lloyd’s syndicates and London market re/insurers, including AmTrust Syndicates Ltd., ANV Managing Agency, Flagstone Marlborough, BMS Group, and SVB (Novae) UW Limited.

“I feel privileged to be given the opportunity to lead the underwriting team at IGI,” said Mr. Jarvis. “I look forward to working across the organization to promote the IGI brand while delivering both sustainable and profitable future growth.”

—

About IGI:

IGI is an international specialty risks commercial insurer and reinsurer underwriting a diverse portfolio of specialty lines. Established in 2001, IGI has a worldwide portfolio of energy, property, general aviation, construction & engineering, ports & terminals, marine cargo, marine trades, contingency, political violence, financial institutions, general third-party liability (casualty), legal expenses, professional indemnity, D&O, surety, marine liability and reinsurance treaty business. Registered in Bermuda, with operations in Bermuda, London, Malta, Dubai, Amman, Labuan and Casablanca, IGI aims to deliver outstanding levels of service to clients and brokers. IGI is rated “A” (Excellent)/Stable by AM Best and “A-”(Strong)/Stable by S&P Global Ratings. For more information about IGI, please visit www.iginsure.com.

—

Forward-Looking Statements:

This press release contains “forward-looking statements” within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of IGI may differ from its actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” “commitment,” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements contained in this press release may include, but are not limited to, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives, our expectations regarding pricing and other market conditions, and our growth prospects. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the control of IGI and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) changes in demand for IGI’s services together with the possibility that IGI may be adversely affected by other economic, business, and/or competitive factors globally and in the regions in which it operates; (2) competition, the ability of IGI to grow and manage growth profitably and IGI’s ability to retain its key employees; (3) changes in applicable laws or regulations; (4) the outcome of any legal proceedings that may be instituted against the Company; (5) the potential effects of the COVID-19 pandemic and emerging variants; (6) the effects of the hostilities between Russia and Ukraine and the sanctions imposed on Russia by the United States, European Union, United Kingdom and others; (7) the inability to maintain the listing of the Company’s common shares or warrants on Nasdaq; (8) the inability of the Company to complete the proposed acquisition of EIO or the failure to realize the anticipated benefits of the proposed acquisition of EIO; and (9) other risks and uncertainties indicated in IGI’s filings with the SEC. The foregoing list of factors is not exclusive. In addition, forward-looking statements are inherently based on various estimates and assumptions that are subject to the judgment of those preparing them and are also subject to significant economic, competitive, industry and other uncertainties and contingencies, all of which are difficult or impossible to predict and many of which are beyond the control of IGI. There can be no assurance that IGI’s financial condition or results of operations will be consistent with those set forth in such forward-looking statements. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. IGI does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

IGI Contacts:

Investors:

Robin Sidders, Head of Investor Relations

T: + 44 (0) 2072 204937

M: + 44 (0) 7384 514785

Email: [email protected]

Media:

Aaida Abu Jaber, Assistant Vice President PR & Marketing

T: +96265662082 Ext. 407

M: +962770415540

Email: [email protected]

KEYWORDS: Bermuda Caribbean

INDUSTRY KEYWORDS: Professional Services Insurance Finance

MEDIA:

Logo
Logo
Posted on

Reed’s Receives Positive Nasdaq Listing Determination

NORWALK, Conn., Oct. 03, 2022 (GLOBE NEWSWIRE) — Reed’s, Inc. (NASDAQ: REED) (“Reed’s” or the “Company”), owner of the nation’s leading portfolio of handcrafted, natural ginger beverages, today announced that, by decision dated September 28, 2022, a Nasdaq Hearings Panel (“Panel”) granted Reed’s request for an extension until February 13, 2023 to continue the listing of Reed’s common stock on The Nasdaq Capital Market (“Nasdaq”).

The extension is subject to the Company’s timely satisfaction of certain interim milestones and, ultimately, the Company’s compliance with all applicable criteria for continued listing on Nasdaq, including the $1.00 bid price and minimum $2.5 million stockholders’ equity requirements. The Company is taking definitive steps to timely evidence compliance with the terms of the Panel’s decision. Failure to meet the terms of the extension, including individual interim deadlines, will result in delisting.

“We are pleased that the Nasdaq Hearings Panel has provided us with this extension,” said Norman E. Snyder, CEO of Reed’s. “We presented the panel our operating plan that includes several business initiatives which are on track and should contribute to regaining our compliance with Nasdaq, including the continued growth of our flagship Reed’s Ginger Beer and Virgil’s portfolios, ramping of our RTD alcohol portfolio, various product launches and further expansion of our swing-lid portfolio. Coupled with our various supply chain, transportation and cost saving programs, we believe the value generated by these initiatives will be realized in the broader market and should support our goal of regaining compliance with Nasdaq listing requirements.”

About Reed’s, Inc.

Reed’s is an innovative company and category leader that provides the world with high quality, premium and naturally bold™ better-for-you beverages. Established in 1989, Reed’s is a leader in craft beverages under the Reed’s®, Virgil’s® and Flying Cauldron® brand names. The Company’s beverages are now sold in over 45,000 stores nationwide.

Reed’s is known as America’s #1 name in natural, ginger-based beverages. Crafted using real ginger and premium ingredients, the Reed’s portfolio includes ginger beers, ginger ales, ready-to-drink ginger mules, ginger shots, and ginger candies. The brand has recently successfully expanded into the zero-sugar segment with its proprietary, natural sweetener system.

Virgil’s® is an award-winning line of craft sodas, made with the finest natural ingredients and without GMOs or artificial preservatives. The brand offers an array of great tasting, bold flavored sodas including Root Beer, Vanilla Cream, Black Cherry, Orange Cream, and more. These flavors are also available in nine zero sugar varieties which are naturally sweetened and certified ketogenic.

Flying Cauldron® is a non-alcoholic butterscotch beer prized for its creamy vanilla and butterscotch flavors. Sought after by beverage aficionados, Flying Cauldron is made with natural ingredients and no artificial flavors, sweeteners, preservatives, gluten, caffeine, or GMOs. 

For more information, visit reedsmule.com, drinkreeds.com, virgils.com and flyingcauldron.com.

Forward-Looking Statements

Statements in this release that are not historical are forward-looking statements made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are typically identified by terms such as “estimate,” “expect,” “forecast,” “guidance,” “intend,” “calculated,” “likely,” “financial outlook,” “plan, “potential,” “predict,” “probable,” “project,” “seek,” “should,” “will,” and similar expressions. These forward-looking statements are based on current expectations. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties, and assumptions, many of which involve factors or circumstances that are beyond our control.

If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, Reed’s actual results could differ materially from the results expressed or implied by the forward-looking statements we make, including our ability to regain Nasdaq listing compliance. The risks and uncertainties referred to above include, but are not limited to: risks associated with current economic uncertainties tied to the COVID-19 pandemic, including but not limited to its effect on customer demand for the our products and services and the impact of potential delays in supply of product inputs and customer payments; risks associated with new product releases; the impacts of further inflation; risks that customer demand may fluctuate or decrease; risks that we are unable to collect unbilled contractual commitments, particularly in the current economic environment; our ability to compete successfully and manage growth; our significant debt obligations; our ability to develop and expand strategic and third party distribution channels; our dependence on third party suppliers, brewers and distributors risks related to our international operations; our ability to continue to innovate; our strategy of making investments in sales to drive growth; increasing costs of fuel and freight, protection of intellectual property; competition; general political or destabilizing events, including the war in Ukraine, conflict or acts of terrorism; the effect of evolving domestic and foreign government regulations, including those addressing data privacy and cross-border data transfers; and other risks detailed from time to time in Reed’s public filings, including Reed’s annual report on Form 10-K filed on April 15, 2022 and subsequent reports filed with the Securities and Exchange Commission, which are available on the Securities and Exchange Commission’s web site at www.sec.gov. These forward-looking statements are based on current expectations and speak only as of the date hereof. Reed’s assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

Investor Relations Contact

Sean Mansouri, CFA
Elevate IR
[email protected]
(720) 330-2829

 



Posted on

PaxMedica Appoints Specialty Pharma Industry Leader Charles J. Casamento to Its Board of Directors

Founder of several public life sciences companies including Questcor, Osteologix and Indevus, Casamento will serve as an Independent Director 

TARRYTOWN, NY, Oct. 03, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – PaxMedica, Inc. (Nasdaq: PXMD), a clinical-stage biopharmaceutical company focused on the development of anti-purinergic drug therapies (“APT”) for the treatment of disorders with intractable neurologic symptoms such as autism spectrum disease (“ASD”), today announced the appointment of Charles (Chuck) J. Casamento to the company’s Board of Directors. Mr. Casamento’s appointment was effective as of October 1, 2022.

“We are honored and excited to welcome Chuck to the Board of PaxMedica, where he will also serve as the Chair of our Audit Committee,” said Howard Weisman, CEO of PaxMedica. “His deep experience building pharmaceutical companies during his extensive career and as an independent director at several public companies will serve us well as we advance PaxMedica through this important growth stage as a pre-commercial neuroscience company.”

Mr. Casamento added, “I look forward to contributing to the success of PaxMedica, which is developing a potential treatment for autism that affects so many children and young adults. My interest in joining the Board was sparked by the team’s focus and its relentless pursuit to advance treatments for this disorder in particular, which are desperately needed by so many families.”

Mr. Casamento is an accomplished healthcare industry veteran with over 40 years of extensive experience in marketing, business development and executive management in pharmaceutical, biotechnology and medical products companies. Mr. Casamento has served as the Executive Director and a Principal of the Sage Group, a health care advisory firm specializing in business development transactions, since 2007. Prior to that, Mr. Casamento founded and served as the Chief Executive Officer of Questcor Pharmaceuticals, Inc., a biopharmaceutical company, from May 1993 through July 2004.  He also co-founded Indevus Pharmaceuticals, Inc. (formerly Interneuron Pharmaceuticals, Inc.), a specialty healthcare solutions company, in March 1989 and most recently served as President and Chief Executive Officer of Osteologix, Inc., a specialty pharmaceutical company, from October 2004 through April 2007. Earlier in his career, he held senior positions at Genzyme Corporation, where he served as Senior Vice President and General Manager for Pharmaceuticals from January 1986 through March 1989; American Hospital Supply Corporation, where he served as Vice President of Business Development for the Critical Care Division from January 1983 through July 1985; Johnson & Johnson, where he served as Director of New Medical Products and Acquisitions from September 1979 through January 1983; F. Hoffmann-La Roche AG (Roche), where he served as Product Development Director from May 1977 through August 1979; and Sandoz International GmbH (Sandoz), where he served in various marketing, finance and business development positions from February 1970 through May 1977.  

Mr. Casamento currently serves on the boards of directors of Eton Pharmaceuticals, Inc., First Wave Biopharma, Inc., and Relmada Therapeutics, Inc., where he is the chairman of the board of directors. At various times during his career he has served on the Boards of Directors of fourteen public companies. He was a director and the vice chairman of the Catholic Medical Mission Board, a large not for profit international healthcare organization. Mr. Casamento received an M.B.A. from Iona College and a B.S. from Fordham University’s College of Pharmacy.  From 1969 through 1993, Mr. Casamento was licensed to practice pharmacy in New York and New Jersey.

About PaxMedica

PaxMedica is a clinical stage biopharmaceutical company focusing on the development of APTs for the treatment of disorders with intractable neurologic symptoms, ranging from neurodevelopmental disorders, including ASD, to Myalgic Encephalomyelitis/Chronic Fatigue Syndrome (“ME/CFS”), a debilitating physical and cognitive disorder believed to be viral in origin and now with rising incidence globally due to the long term effects of SARS-CoV-2 (“COVID-19”). One of PaxMedica’s primary points of focus is the development and testing of its lead compound, PAX-101, an intravenous formulation of suramin, in the treatment of ASD and the advancement of the clinical understanding of using that agent against other disorders such as ME/CFS and Long COVID-19 Syndrome, a clinical diagnosis in individuals who have been previously infected with COVID-19. For more information, please visit: www.paxmedica.com.

Forward-Looking Statements

This press release contains “forward-looking statements.” Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement, most recent quarterly report and other filings with the U.S. Securities and Exchange Commission.

Contacts:

[email protected] 

Stephanie Prince
PCG Advisory
[email protected]
(646) 863-6341  



Posted on

GigCapital5 and QT Imaging Sign an Exclusive Term Sheet for a Business Combination

GigCapital5 and QT Imaging Sign an Exclusive Term Sheet for a Business Combination

QT Imaging expected to be public in the first half of 2023

PALO ALTO, Calif. & NOVATO, Calif.–(BUSINESS WIRE)–
GigCapital5, Inc. (NYSE: GIA), a publicly traded special purpose acquisition company (“GigCapital5”), and QT Imaging, Inc. (“QT”), a medical imaging company that develops novel products for body imaging, announced today that they have entered into an exclusive, non-binding term sheet, with the goal of completing a business combination in the first half of 2023, resulting in QT becoming a publicly traded company.

QT is a vertically integrated medical imaging company in the business of manufacturing ultra-low frequency transmitted sound imaging systems for breast and body imaging. In 2014, QT purchased the assets of Techniscan Medical and relocated from Salt Lake City, Utah, to Novato, California. QT’s FDA-cleared breast scanner addresses critical deficiencies in the current breast imaging paradigm. The device is currently deployed in three U.S. and two foreign locations, and QT plans to place four additional scanners before the end of 2022. QT is entering a commercial growth phase and would use the proceeds of the merger to further expand its commercial activities.

“QT’s core mission is to provide safe, highly accurate and inexpensive imaging systems to women and children,” said John Klock, MD, Founder and CEO of QT. “Our broad-based medical imaging solution spans from breast scanning today to scanning infant body and orthopedics in the future. The combination and partnership with GigCapital5 will allow us to further deliver on our mission, accelerate our growth, and provide significant shareholder value as a public company.”

Dr. Avi Katz, Founding Managing Partner of GigCapital Global and Chairman of the board of directors of GigCapital5, commented: “We incepted GigCapital Global in 2017 as a lead sponsor of Private-to-Public Equity (PPE) TMT companies, also known as special purpose acquisition companies (SPAC), driven by the purpose of bettering our world and our planet. Our sixth PPE fund, GigCapital5, Inc. was incepted in September 2021 with special focus on sophisticated technologies, with emphasis on advanced medical equipment. We are delighted to partner with John and the QT team on their journey to the public market, as it represents a timely investment opportunity in the development of next-generation, radiation-free, patient-friendly, high resolution medical imaging technology. Hence, QT’s purpose and mission, FDA-cleared technology, global growth potential and substantial impact on health care make it an ideal target for GigCapital5. We look forward to supporting their transition to a public company and beyond.”

About GigCapital Global and GigCapital5, Inc.

GigCapital Global (“GigCapital”) is a Private-to-Public Equity (PPE) technology, media, and telecommunications (TMT) focused investment group led by an affiliated team of technology industry corporate executives and entrepreneurs, and TMT operational and strategic experts in the private and public markets, including substantial, success-proven M&A and IPO activities. The group deploys a unique Mentor-Investor™ methodology to partner with exceptional TMT companies, managed by dedicated and experienced entrepreneurs. The GigCapital Private-to-Public Equity (PPE) companies (also known as blank check companies or Special Purpose Acquisition Companies (SPACs)) offer financial, operational and executive mentoring to U.S. and overseas private, and non-U.S. public companies, in order to accelerate their path from inception and as a privately held entity into the growth-stage as a publicly traded company in the U.S. The partnership of GigCapital with these companies continues through an organic and roll-up strategy growth post the transition to a public company. GigCapital was launched in 2017 with the vision of becoming the lead franchise in incepting and developing TMT Private-to-Public Equity (PPE) companies. For more information, visit www.gigcapitalglobal.com or https://www.GigCapital5.com.

Additional Information and Where to Find It

If a definitive agreement is entered into in connection with the proposed business combination, GigCapital5 will prepare a proxy statement/prospectus (the “GigCapital5 proxy statement/prospectus”) to be filed with the Securities and Exchange Commission (the “SEC”) and mailed to GigCapital5’s stockholders. GigCapital5 and QT urge investors and other interested persons to read, when available, the GigCapital5 proxy statement/prospectus, as well as other documents filed by GigCapital5 with the SEC, because these documents will contain important information about the proposed business combination. Such persons can also read GigCapital5’s Annual Report on Form 10-K and 8-K Reports for more information on the security holdings of its officers and directors and their respective interests as security holders in the consummation of the transactions described herein. The GigCapital5 proxy statement/prospectus, once available, and GigCapital5’s other reports can be obtained, without charge, at the SEC’s web site (http://www.sec.gov).

Participants in the Solicitation

GigCapital5, QT, and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of GigCapital5 stockholders in connection with the proposed business combination. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of GigCapital5’s directors and officers in its Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on March 31, 2022. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to GigCapital5’s stockholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus for the proposed business combination when available. Information concerning the interests of GigCapital5’s and QT’s equity holders and participants in the solicitation, which may, in some cases, be different than those of GigCapital5’s and QT’s equity holders generally, will be set forth in the proxy statement/prospectus relating to the proposed business combination when it becomes available.

Forward Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the businesses of GigCapital5 and QT may differ from their actual results and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, expectations with respect to entry into a definitive agreement for the proposed business combination, the satisfaction of the closing conditions to the proposed business combination, the timing of the completion of the proposed business combination and the future performance of QT, including the anticipated impact of the proposed business combination on this performance. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the control of GigCapital5 and QT, and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the negotiations and any subsequent definitive agreements with respect to the proposed business combination, and the possibility that the terms and conditions set forth in any definitive agreements with respect to the proposed business combination may differ materially from the terms and conditions set forth in the term sheet, (2) the outcome of any legal proceedings that may be instituted against the parties following the announcement of the proposed business combination and any definitive agreements with respect thereto; (3) the inability to complete the proposed business combination, including due to failure to obtain approval of the stockholders of GigCapital5 and QT or other conditions to closing, including the failure of the stockholders of GigCapital5 to approve the extension of time for GigCapital5 to consummate its initial business combination at the upcoming annual meeting of stockholders of GigCapital5 that GigCapital5 intends to hold; (4) the impact of the COVID-19 pandemic on (x) the parties’ ability to negotiate and consummate the proposed business combination and (y) the business of QT and the surviving company; (5) the receipt of an unsolicited offer from another party for an alternative business transaction that could interfere with the proposed business combination; (6) the inability to obtain or maintain the listing of the surviving company’s common stock on the New York Stock Exchange or any other national stock exchange following the proposed business combination; (7) the risk that the proposed business combination disrupts current plans and operations as a result of the announcement and consummation of the proposed business combination; (8) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of the surviving company to grow and manage growth profitably and retain its key employees; (9) costs related to the proposed business combination; (10) changes in applicable laws or regulations; (11) the demand for QT’s and the surviving company’s services together with the possibility that QT or the surviving company may be adversely affected by other economic, business, and/or competitive factors; (12) risks and uncertainties related to QT’s business, including, but not limited to, the ability of QT to increase sales of its output products in accordance with its plan; and (13) other risks and uncertainties included in (x) the “Risk Factors” sections of the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC by GigCapital5 and (y) other documents filed or to be filed with the SEC by GigCapital5. The foregoing list of factors is not exclusive. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. GigCapital5 and QT do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions, or circumstances on which any such statement is based.

No Offer or Solicitation

This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed transaction or the extension of time for GigCapital5 to consummate its initial business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

For QT Imaging, Inc.

Meg Donigan

[email protected]

For GigCapital5, Inc.

Brian Ruby

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Biotechnology Banking Technology FDA Professional Services Health Telecommunications Software Networks Fintech Finance

MEDIA:

Logo
Logo
Posted on

GlobalFoundries Announces Conference Call to Review Third Quarter 2022 Financial Results

MALTA, New York, Oct. 03, 2022 (GLOBE NEWSWIRE) — GlobalFoundries (NASDAQ: GFS) today announced that it will host a conference call on Tuesday, November 8, 2022 at 8:30 a.m. ET following the release of the company’s third quarter 2022 financial results.


Conference Call and Webcast Information

The company will host a conference call with the financial community on Tuesday, November 8, 2022 at 8:30 a.m. ET. Interested parties may join the scheduled conference call by registering here.

The company’s financial results and a webcast of the conference call will be available on GF’s Investor Relations website at https://investors.gf.com.


About GlobalFoundries

GlobalFoundries Inc. (GF) is one of the world’s leading semiconductor manufacturers. GF is redefining innovation and semiconductor manufacturing by developing and delivering feature-rich process technology solutions that provide leadership performance in pervasive high growth markets. GF offers a unique mix of design, development and fabrication services. With a talented and diverse workforce and an at-scale manufacturing footprint spanning the U.S., Europe and Asia, GF is a trusted technology source to its worldwide customers. For more information, visit www.gf.com.


For further information, please contact:


                 
[email protected]



Posted on

Remote Workers Struggle Most with Financial Anxiety and Benefits Selection as 53% Approach a Financial ‘Breaking Point’

Remote Workers Struggle Most with Financial Anxiety and Benefits Selection as 53% Approach a Financial ‘Breaking Point’

New MetLife survey shows on-site/hybrid workers have better financial health and 63% view benefits as an investment in their future

NEW YORK–(BUSINESS WIRE)–
While the majority of today’s workforce prefers remote work1 over going to the office, MetLife’s annual open enrollment survey found location may impact much more than just the daily commute.

MetLife’s new survey found that over half of the remote workforce (55%) are highly anxious about their finances (vs. 46% of hybrid and on-site workers) and that this group spends more time worrying about their benefits (55% spent over one hour per week vs. just 37% of on-site and hybrid employees).

“Benefits play a major yet often overlooked role in employees’ overall financial health. A lack of understanding of benefit options is only compounding the financial insecurity remote workers feel today,” said Bradd Chignoli, senior vice president, Group Benefits at MetLife. “Benefits can provide financial stability in times of economic turbulence and, when used the right way, are a tool that can even lighten employees’ financial burdens and anxiety.”

As the workforce continues to change post-pandemic, meeting employees’ diverse needs – including location – is a growing challenge. MetLife’s survey indicates potential gaps in communication to the remote workforce.

Two-thirds of remote workers (65%) say that a better understanding of open enrollment would help make them feel more financially secure. Potential gaps exist in benefit education for these employees. Consequently, remote employees:

  • Are 2x more likely to say they enrolled in the wrong type of benefits last year
  • Require more information to make the right benefit choices (57% vs. 47% of hybrid and on-site workers)

MetLife’s data also finds that employees who understand and actively utilize their benefits are more loyal, thus proving beneficial for employee retention. Three in five fully remote workers (61%) say their employer’s benefits are a significant part of what’s keeping them at their company, and this is even higher for work-from-home caregivers with children under 18 (72%) and millennial/Gen Z workers (67%).

The state of an employee’s financial well-being is often directly linked to their benefits usage. In fact, 43% of all employees say their benefits have helped them out of financial difficulty this year, and 44% say they have helped improve their overall financial health.

“We’re at a critical moment in the employee-employer relationship. As we look to build more inclusive cultures and further support today’s workforce – including how and where our employees work – benefit communication is vital,”said Jenn Kischell, vice president, Workforce Engagement at MetLife.“In today’s volatile economic environment, ensuring workers understand and use their benefits is more important than ever for employees’ well-being, as well as overall retention.”

For helpful resources, including videos, articles, and the Make Your MatchTM tool, which offers tailored benefit suggestions, employees can visit www.metlife.com/openenrollment.

1. McKinsey | American Opportunity Survey (2022).

Research Methodology

MetLife’s 2022 Open Enrollment Study was conducted in August 2022. The study was fielded by Rainmakers CSI – an international strategy, insight and planning consultancy. The survey consists of a representative sample of 1,000 interviews with full-time employees, ages 21 and over, at companies with at least two employees. Also included were a Millennial and Gen Z employee boost of 452 and 279, respectively. Millennials were defined as ages 27 to 41 and Gen Z as 21 to 26 at time of fielding.

About Rainmakers CSI

Rainmakers CSI is a global strategy, insight and planning consultancy. Since its inception in 2007, Rainmakers CSI has worked collaboratively with leading companies to help define opportunities for brands, categories and businesses. Its expertise spans across Financial Services, Food and Drink, Beauty, Healthcare, Telecoms, Technology, Entertainment, and Travel. Rainmakers CSI is headquartered in London and its programs and client relationships span all continents, with 50 percent of its work originating in the US. For more information, visit www.rainmakerscsi.com.

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

Liz Harish

929-343-7473

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Professional Services Women Men Millennials Family Generation Z Generation X Insurance Consumer Human Resources Finance

MEDIA:

Logo
Logo
Posted on

B&G Foods Appoints Andrew Vogel as Executive Vice President and President of Meals

B&G Foods Appoints Andrew Vogel as Executive Vice President and President of Meals

PARSIPPANY, N.J.–(BUSINESS WIRE)–
B&G Foods, Inc. (NYSE: BGS) announced that effective today it has hired Andrew Vogel as Executive Vice President and President of Meals. As a member of B&G Foods’ executive leadership team, Mr. Vogel will report directly to Casey Keller, President and Chief Executive Officer.

As previously announced, B&G Foods is transitioning to a business unit structure and has formed four business units to establish clear focus and expectations and to drive organic and acquisition growth. The Meals business unit, which represents approximately 22% of B&G Foods’ net sales, includes, among others, the Ortega, Maple Grove Farms, Cream of Wheat, Victoria, Las Palmas, Mama Mary’s, Spring Tree, McCann’s, Carey’s and Vermont Maid brands. Mr. Vogel joins Jordan Greenberg, Executive Vice President and President of Spices & Flavor Solutions, Ellen Schum, Executive Vice President and President of Specialty, and Kristen Thompson, Senior Vice President and President of Frozen & Vegetables, as one of B&G Foods’ four business unit presidents.

Commenting on Mr. Vogel’s hire, Mr. Keller stated, “We are very pleased that Andrew has joined the B&G Foods team. Andrew has extensive P&L, operational, M&A and strategy experience in the food industry and we believe that he will be a valuable addition to B&G Foods. Andrew will be tasked with driving both organic and acquisition growth in the Meals business unit, while at the same time navigating the business unit through the current inflationary environment and ensuring operational efficiency.”

Most recently, Mr. Vogel served as senior vice president and general manager of the nut butters division of 8th Avenue Food & Provisions from August 2020 to April 2022. Prior to that, Mr. Vogel was the auto care global category leader at Energizer Holdings from August 2019 to August 2020. Mr. Vogel served in a variety of roles of increasing responsibility at TreeHouse Foods from 2012 to 2019, including as vice president and general manager for the ready-to-eat cereal, oatmeal, snack bar, and dry blend business units, and as vice president of strategy and integration. Before that, Mr. Vogel was employed by McKinsey & Company and ExxonMobil Corporation.

About B&G Foods, Inc.

Based in Parsippany, New Jersey, B&G Foods and its subsidiaries manufacture, sell and distribute high-quality, branded shelf-stable and frozen foods across the United States, Canada and Puerto Rico. With B&G Foods’ diverse portfolio of more than 50 brands you know and love, including Back to Nature, B&G, B&M, Bear Creek, Cream of Wheat, Crisco, Dash,Green Giant, Las Palmas, Le Sueur, Mama Mary’s, Maple Grove Farms, New York Style, Ortega, Polaner, Spice Islands and Victoria, there’s a little something for everyone. For more information about B&G Foods and its brands, please visit www.bgfoods.com.

Forward-Looking Statements

Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements.” The forward-looking statements contained in this press release include, without limitation, statements related to the priorities and goals of the Company and its Meals and other business units, including with respect to organic and acquisition growth, navigating through the inflationary environment and ensuring operational efficiency. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of B&G Foods to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects,” “projects,” “intends,” “anticipates,” “assumes,” “could,” “should,” “estimates,” “potential,” “seek,” “predict,” “may,” “will” or “plans” and similar references to future periods to be uncertain and forward-looking. Factors that may affect actual results include, without limitation: the continuing impact of the COVID-19 pandemic on the Company’s business, including, without limitation, the ability of the Company and its supply chain partners to continue to operate manufacturing facilities, distribution centers and other work locations without material disruption, and to procure ingredients, packaging and other raw materials when needed despite disruptions in the supply chain or labor shortages, the duration of social distancing and stay-at-home and work-from-home policies and recommendations, and whether, and the extent to which, additional waves or variants of COVID-19 will affect the United States and the rest of North America, and the extent to which macroeconomic conditions resulting from the pandemic and the pace of the subsequent recovery may impact consumer eating and shopping habits; the Company’s substantial leverage; the effects of rising costs for and/or decreases in the supply of the Company’s commodities, ingredients, packaging, other raw materials, distribution and labor; crude oil prices and their impact on distribution, packaging and energy costs; the Company’s ability to successfully implement sales price increases and cost saving measures to offset any cost increases; intense competition, changes in consumer preferences, demand for the Company’s products and local economic and market conditions; the Company’s continued ability to promote brand equity successfully, to anticipate and respond to new consumer trends, to develop new products and markets, to broaden brand portfolios in order to compete effectively with lower priced products and in markets that are consolidating at the retail and manufacturing levels and to improve productivity; the Company’s ability to recruit and retain senior management and a highly skilled and diverse workforce at the Company’s corporate offices, manufacturing facilities and other locations despite a very tight labor market and changing employee expectations as to fair compensation, an inclusive and diverse workplace, flexible working and other matters; the risks associated with the expansion of the Company’s business; the Company’s possible inability to identify new acquisitions or to integrate recent or future acquisitions or the Company’s failure to realize anticipated revenue enhancements, cost savings or other synergies from recent or future acquisitions; the Company’s ability to successfully complete the integration of recent or future acquisitions into the Company’s enterprise resource planning (ERP) system; tax reform and legislation, including the effects of the Infrastructure Investment and Jobs Act, U.S. Tax Cuts and Jobs Act and the U.S. CARES Act, and any future tax reform or legislation; the Company’s ability to access the credit markets and the Company’s borrowing costs and credit ratings, which may be influenced by credit markets generally and the credit ratings of the Company’s competitors; unanticipated expenses, including, without limitation, litigation or legal settlement expenses; the effects of currency movements of the Canadian dollar and the Mexican peso as compared to the U.S. dollar; the effects of international trade disputes, tariffs, quotas, and other import or export restrictions on the Company’s international procurement, sales and operations; future impairments of the Company’s goodwill and intangible assets; the Company’s ability to protect information systems against, or effectively respond to, a cybersecurity incident or other disruption; the Company’s ability to successfully implement its sustainability initiatives and achieve its sustainability goals, and changes to environmental laws and regulations; the Company’s ability to successfully transition the operations of the Portland, Maine manufacturing facility to third-party co-manufacturing facilities and existing Company manufacturing facilities without significant disruption in production or customer service, and the Company’s ability to achieve anticipated productivity improvements and cost savings; and other factors that affect the food industry generally. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in B&G Foods’ filings with the Securities and Exchange Commission, including under Item 1A, “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and in its subsequent reports on Forms 10-Q and 8‑K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. B&G Foods undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Investor Relations:

ICR, Inc.

Dara Dierks

866.211.8151

Media Relations:

ICR, Inc.

Matt Lindberg

203.682.8214

KEYWORDS: New York New Jersey United States North America

INDUSTRY KEYWORDS: Retail Supermarket Food/Beverage

MEDIA:

Posted on

Lineage Establishes New R&D Facility in U.S. and Expands Current GMP Manufacturing Facility in Israel

Lineage Establishes New R&D Facility in U.S. and Expands Current GMP Manufacturing Facility in Israel

Expansions Expected to Support Process Development and Production of Current and Future Cell Transplant Programs

CARLSBAD, Calif.–(BUSINESS WIRE)–Lineage Cell Therapeutics, Inc. (NYSE American and TASE: LCTX), a clinical-stage biotechnology company developing allogeneic cell therapies for unmet medical needs, announced today the opening of a new research and development (R&D) facility in Carlsbad, California, and the expansion of its Good Manufacturing Practice (GMP) manufacturing facility based in Jerusalem, Israel. Lineage’s new Carlsbad facility will broaden the Company’s R&D capabilities in the U.S. and support the development of current and future allogeneic cell transplant programs. The expansion of Lineage’s Israel-based facility will increase the Company’s infrastructure, including development and optimization of larger-scale clinical manufacturing processes, and continued execution under its ongoing collaboration with Roche and Genentech for RG6501 (OpRegen®), a retinal pigment epithelium cell replacement therapy which has completed enrollment in a Phase 1/2a clinical trial for the treatment of geographic atrophy (GA) secondary to age-related macular degeneration (AMD).

“We have elected to increase our R&D footprint at our existing GMP manufacturing facility and establish a new R&D facility in Carlsbad, California,” stated Brian M. Culley, Lineage CEO. “These steps will permit us to expand our process development and analytical testing capabilities and conduct exploratory work on future programs, whether owned by us or our current or future partners. This move also is expected to reduce our reliance on certain vendors, which may reduce costs and risks of timeline uncertainty or supply chain disruption. The additional capacity also can help us become an even more capable partner in prospective alliances for new products and allow us to explore additional uses for our current cell transplant programs.”

Mr. Culley added, “Challenges in the biotech sector are unlikely to persist indefinitely. We believe it is important to take steps, even in this environment, to be positioned for a future recovery. The modest investments we are making today, partially offset by the termination of the lease for our research facility in Alameda, California in January of next year, will help centralize our operations and put us in a position of greater readiness for future success.”

About Lineage Cell Therapeutics, Inc.

Lineage Cell Therapeutics is a clinical-stage biotechnology company developing novel cell therapies for unmet medical needs. Lineage’s programs are based on its robust proprietary cell-based therapy platform and associated in-house development and manufacturing capabilities. With this platform Lineage develops and manufactures specialized, terminally differentiated human cells from its pluripotent and progenitor cell starting materials. These differentiated cells are developed to either replace or support cells that are dysfunctional or absent due to degenerative disease or traumatic injury or administered as a means of helping the body mount an effective immune response to cancer. Lineage’s clinical programs are in markets with billion dollar opportunities and include five allogeneic (“off-the-shelf”) product candidates: (i) OpRegen, a retinal pigment epithelial cell therapy in development for the treatment of geographic atrophy secondary to age-related macular degeneration, is being developed under a worldwide collaboration with Roche and Genentech, a member of the Roche Group; (ii) OPC1, an oligodendrocyte progenitor cell therapy in Phase 1/2a development for the treatment of acute spinal cord injuries; (iii) VAC2, a dendritic cell therapy produced from Lineage’s VAC technology platform for immuno-oncology and infectious disease, currently in Phase 1 clinical development for the treatment of non-small cell lung cancer; (iv) ANP1, an auditory neuronal progenitor cell therapy for the potential treatment of auditory neuropathy; and (v) PNC1, a photoreceptor neural cell therapy for the treatment of vision loss due to photoreceptor dysfunction or damage. For more information, please visit www.lineagecell.com or follow the company on Twitter @LineageCell.

Forward-Looking Statements

Lineage cautions you that all statements, other than statements of historical facts, contained in this press release, are forward-looking statements. Forward-looking statements, in some cases, can be identified by terms such as “believe,” “aim,” “may,” “will,” “estimate,” “continue,” “anticipate,” “design,” “intend,” “expect,” “could,” “can,” “plan,” “potential,” “predict,” “seek,” “should,” “would,” “contemplate,” “project,” “target,” “tend to,” or the negative version of these words and similar expressions. Such statements include, but are not limited to, statements relating to: the potential benefits of the new and expanded facilities to the Company and its operations, including the broadening of the Company’s R&D capabilities, increasing development and optimization of larger-scale clinical manufacturing processes, the expansion of the Company’s process development and analytical testing capabilities and ability to conduct exploratory work on future programs, the increase in the Company’s manufacturing facilities, the decreased reliance on certain vendors, the reduction in costs and risks of timeline uncertainty and supply chain disruption, and the improvement in the Company’s position of greater readiness for future success. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Lineage’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements in this press release, including, but not limited to, the following risks: that potential benefits of the new and expanded facilities to the Company and its operations may not be realized as quickly as expected or at all; that we may need to allocate our cash to unexpected events and expenses causing us to use our cash more quickly than expected; that positive findings in early clinical and/or nonclinical studies of a product candidate may not be predictive of success in subsequent clinical and/or nonclinical studies of that candidate; that competing alternative therapies may adversely impact the commercial potential of OpRegen; that Roche and Genentech may not successfully advance OpRegen or be successful in completing further clinical trials for OpRegen and/or obtaining regulatory approval for OpRegen in any particular jurisdiction; that we may not establish new partnerships or expand existing collaborations; that we do not successfully broaden awareness of our mission or accomplishments; that Lineage may not be able to manufacture sufficient clinical quantities of its product candidates in accordance with current good manufacturing practice; and those risks and uncertainties inherent in Lineage’s business and other risks discussed in Lineage’s filings with the Securities and Exchange Commission (SEC). Lineage’s forward-looking statements are based upon its current expectations and involve assumptions that may never materialize or may prove to be incorrect. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. Further information regarding these and other risks is included under the heading “Risk Factors” in Lineage’s periodic reports with the SEC, including Lineage’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the SEC and its other reports, which are available from the SEC’s website. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they were made. Lineage undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

Lineage Cell Therapeutics, Inc. IR

Ioana C. Hone

([email protected])

(442) 287-8963

LifeSci Advisors

Daniel Ferry

([email protected])

(617) 430-7576

Russo Partners – Media Relations

Nic Johnson or David Schull

([email protected])

([email protected])

(212) 845-4242

KEYWORDS: California United States North America Israel Middle East

INDUSTRY KEYWORDS: Oncology Health Other Health Clinical Trials Pharmaceutical Optical Biotechnology

MEDIA:

Logo
Logo